Genting Singapore’s Resorts World Sentosa is cutting close to 400 casino employees as the company continues to face headwinds from falling revenue, local media reports.
The Todayonline website says the cuts include 150 croupiers, 200 supervisors and 25 pit managers. They have been let go in recent weeks, either through voluntary retrenchment or termination of services.
The retrenchment exercise at the 12,000-staff strong RWS is understood to have started in late May this year. The report adds that the Ministry of Manpower has been informed.
“Together with Workforce Development Agency and Singapore Tourism Board, MOM is working closely with both the company and union to render assistance to the affected employees,” a spokesperson at the ministry told TODAY.
A spokesperson for the company said the headcount review had been necessary in the gaming business to achieve the right size to meet its business needs.
Last month, Genting Singapore reported Q1 net profit fell 83 percent year on year to S$10.8 million (US$7.9 million), due to higher foreign exchange losses, higher bad debt provisions, finance and other costs.
Net profit for the first quarter of 2016 is compared to S$62.7 million reported during the same period in 2015.
Results were below analyst expectations, due to “owing to greater-than-expected bad debt provisions”, said Union Gaming.
The group reported revenue of S$608 million and adjusted EBITDA of S$192.5 million. Gaming revenue was down 9 per cent to S$450.5 million.
“We continue to exercise caution with our VIP gaming business. In this connection, we have been prudent in providing for our gaming receivables,” said the operator.
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